TaxTMI 
TaxTMI 
2026 (9) TMI 863
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....e Societies Act providing in credit facilities to its society members. The assessee filed its return of income on 09.09.2024 declaring total taxable income at Nil after claiming deduction u/s 80P of the Income Tax Act, 1961 (hereinafter referred to as 'the Act') at Rs. 1,43,45,895/-. The assessee had filed Form 10-IF along with the return. The CPC processed the return u/s 143(1) of the Act on 19.12.2025 and determined the total income of the assessee at Rs. 1,43,45,900/- by disallowing the deduction claimed u/s 80P of the Act amounting to Rs. 1,43,45,900/-. The rectification application filed by the assessee was dismissed by the CPC. 3. The assessee preferred an appeal before the Ld. Addl./JCIT(A) who dismissed the appeal on the ground t....
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....ht to have accepted substance over form. 5) The appellant craves leave to add, amend alter, or withdraw any of the above grounds appeal at or before the time of hearing. 5. The Ld. Counsel for the assessee submitted that the assessee had inadvertently filed Form No.10-IF. However, the assessee has not fulfilled all the conditions laid down in section 115BAD. Further, the Ld. Addl./JCIT(A) has also given a finding that the assessee has mentioned "No" against the column d(ii) in Part A-General of ITR which states "Have you opted for new tax regime u/s 115BAD?". Therefore, merely because the assessee has inadvertently filed Form No.10-IF, the Ld. Addl./JCIT(A) should not have upheld the action of the CPC. 6. Referring to the dec....
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.... same day the assessee had filed Form No.10-IF which is an application for co-operative society exercising the option under sub-section (5) of section 115BAD to exercise option for new tax regime for assessment year 2024-25. We find the CPC while processing the return of income disallowed the claim of deduction u/s 80P and taxed the gross total income under the new tax regime. We find the assessee filed a rectification application before the CPC which was rejected by the CPC and on appeal the Ld. Addl./JCIT(A) dismissed the appeal filed by the assessee. It is the submission of the Ld. Counsel for the assessee that Form 10-IF was inadvertently filed. However, the assessee in the return of income has claimed deduction u/s 80P as per the old r....
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....on declaring total income of Rs. 24,01,740/-. We find the CPC vide order dated 07.08.2023 processed the return of income and determined the total income at Rs. 64,41,940/- as per the new regime of taxation on the ground that the assessee had exercised the option by filing the requisite Form No.10-IE. It is the submission of the Ld. Counsel for the assessee that although the assessee had filed the Form No.10-IE on 18.07.2022, however, the assessee exercised the option under the old regime of taxation and filed the return of income on 20.07.2022 which is much before processing of the return by the CPC i.e. 07.08.2023. It is also his submission that since the assessee has not fulfilled all the conditions as mentioned in section 115BAC, therefo....